At risk of oversimplifying:
1. Hard to argue that Privacy Shield is evidence of "appropriate safeguards" by the Processor and use must be very low risk in terms of enforcement by the regulators who seem to approve it - greater risk of a direct attack by a subject using Schrems type arguments,but even so still fairly low for most uses.
2. Much more of a problem with "enforceable data subject rights and effective legal remedies" IMO, especially given the US governments attack on ISP based privacy protections in recent days. May be "targeted" at US citizens but surely has a much wider net effect.
As others have said,given other alternatives, use of SM when PD is involved (certainly NOT if sensitive) based on convenience looks problematic. The controller is at greater risk than the processor.
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